AgriMoney reports that the bank Macquarie’s forecast reflects an “increasingly negative outlook” after the USDA shocked investors with its June 28 “Acreage” report. In the report, corn acreage was estimated at 97.4 million acres, 2.1 million more than originally anticipated by analysts.

"As it now looks more likely that we will have a large U.S. corn crop, the bearish outlook becomes more certain," said Macquarie analyst Chris Gadd.

The bank is forecasting Chicago corn prices to average $4.50 per bushel in the October to December quarter, and Gadd warned that values could fall.

"We are likely to test significantly below this ($4.50-a-bushel) level in the October-to-November period," he said.